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Chocolate Market Report 2024 - Chocolate Market Size, Trends, And Insights
Chocolate Market
According to The Business Research Company's, The chocolate market size has grown steadily in recent years. It will grow from $135.11 billion in 2023 to $140.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to globalization and trade expansion, shift in consumer preferences, marketing and branding strategies, economic trends and affordability, cocoa price fluctuations.
The chocolate market size is expected to see steady growth in the next few years. It will grow to $168.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to innovative product offerings, rising demand for premium chocolates, evolving snacking culture, expansion of e-commerce channels, clean label and natural ingredients.. Major trends in the forecast period include health and wellness preferences, sustainability and ethical sourcing, innovation in flavors and varieties, premiumization and luxury segment growth, convenience and snacking culture.
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Market Drivers and Trends:
Increasing internet penetration for online sales is expected to propel the growth of the chocolate market going forward. Internet penetration rate refers to the percentage of people who have access to the internet, as expressed by the number of internet users and the sales made through the internet. The internet has replaced retail and mail-order sales with online distribution and interaction channels, while social media platforms have provided the personal touch that the internet needed. An increase in internet penetration for online sales is key to the market for online chocolate sales. For instance, according to a report by DataReportal, a Singapore-based free data and information provider, 5.16 billion people globally use the internet at the beginning of 2023, representing 64.4% of the global population. Also, internet users continue to grow with connected global population rising by 100 million in 12 months to January 2023. In addition, in January 2022, according to Optinmonster, a US-based internet, e-commerce, and web hosting company, online shopping was expanding at such a rapid pace that the global online shopping market was expected to exceed $4 trillion by 2020. In the United States alone, 300 million online shoppers are expected by 2023. That is 91% of the current population of the country. So far, 69% of Americans have shopped online, with 25% shopping at least once a month. Therefore, an increase in internet penetration for online sales is driving the growth of the chocolate market.
Product innovations are a key trend gaining popularity in the chocolate market. Major companies in the chocolate market are focusing on product innovations to strengthen their position in the market. For instance, in September 2021, Ferrero SpA, an Italy-based company and manufacturer of branded chocolate and confectionery products, launched Ferrero Rocher tablets. Ferrero's competitive position in the premium chocolate industry will be strengthened with the entry of Ferrero Rocher Tablets into the quickly growing premium chocolate tablet sector. Ferrero Rocher fans will recognize the distinctive chocolate form as being faithful to what they expect from the brand, as well as the multisensory flavor. The development of this new product innovation is another step forward in the chocolate market.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Barry Callebaut; The Hershey Company; Nestle SA; Mars Incorporated; Lotte Corporation; Mondelez International Inc.; Chocoladefabriken Lindt & Sprüngli AG; Ferrero SpA; Lake Champlain Chocolates; Cémoi Group; Olam International Limited; Koninklijke DSM N.V.; Kerry Group PLC; Delfi Limited; Tate & Lyle PLC; Meiji Holdings Co. Ltd.; Ezaki Glico Co. Ltd.; Crown Confectionery Co. Ltd.; Haribo GmbH & Co. KG; Arcor Group; Moonstruck Chocolate Company; Blommer Chocolate Company; Patric Chocolate LLC; Perugina S.p.A.; TCHO Ventures Inc.; Theo Chocolate Inc.; Thorntons Limited; Alter Eco Americas PBC; Endangered Species Chocolate LLC; Divine Chocolate Limited; Green & Black's Limited; Guylian NV
Chocolate Market 2024 Key Insights:
• The chocolate market will grow to $168.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Chocolate Market Thrives On The Surge In Internet Penetration And Online Sales
• Ferrero Spa's Chocolate Market Reinforcement Through Innovative Ferrero Rocher Tablets
• Europe was the largest region in the chocolate market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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